SecondFi
SecondFi was a self-custodial, multichain neofinance platform built by EMURGO that consolidated swaps, perpetuals, fiat ramps, and a Wirex-issued crypto card for 1M+ inherited retail users across 39+ countries, and which entered operational wind-down in June 2026 after a $2.6M hot-wallet exploit.
- Company typePrivate
- Founded2026
- Headquarters—
- Headcount—
- GTM typeB2C
- OfferingSoftware
What SecondFi does
SecondFi is a self-custodial neofinance platform developed by EMURGO, one of the co-founding entities of the Cardano blockchain. The platform evolved from Yoroi Wallet, which launched in 2021, and was rebranded/relaunched as SecondFi in June 2026, carrying over approximately 1M+ users into a multichain interface supporting 8+ blockchain networks. Its product surface combined non-custodial crypto swaps, perpetuals trading, fiat on-ramp and off-ramp, and a self-custodial crypto-backed card issued in partnership with Wirex across 39+ countries, supplemented by a 360° Security Shield powered by Bitdefender and partnerships with Slash Vision Labs (Japan), Banxa, Encryptus, and Groom Lake.
The platform's business model was indirect: it charged no explicit platform or self-custody fees, with monetization signaled via swap service fees, card program revenue share through Wirex, and referral commissions from payout partners. The company was domiciled in Singapore and operated as a subsidiary of EMURGO. In June 2026, a security incident between June 21-23 drained approximately $2.6 million from 374 SecondFi hot wallets, and the company subsequently announced a wind-down of operations with no resumption of normal activity. As of the most recent disclosures, SecondFi is in operational wind-down rather than active commercial operation.
SecondFi firmographics
Firmographics- Name
- SecondFi
- Legal name
- SecondFi
- Website
- https://secondfi.io
- Company type
- Private
- Founded year
- 2026
- Operating status
- Closed
- Short description
- SecondFi was a self-custodial, multichain neofinance platform built by EMURGO that consolidated swaps, perpetuals, fiat ramps, and a Wirex-issued crypto card for 1M+ inherited retail users across 39+ countries, and which entered operational wind-down in June 2026 after a $2.6M hot-wallet exploit.
- Ownership category
- akta.pro rank
SecondFi industry classification
Industry- Product category
- Cryptocurrency Wallet Platform
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Self-Custody Wallets (Consumer & Institutional) (FSADACAE)
- akta.pro secondary industries
- Crypto Remittance & Cross-Border Money Transfer Providers (FSADAIAD), Crypto-Enabled Cross-Border Transfers & On/Off-Ramps (FSAGAKAO), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Payments, Remittances & Merchant Acceptance (checkout, invoicing, payroll) (FSAPAEAE)
Keywords
SecondFi business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Network Transaction Fees: Standard Cardano network fees apply to each transaction executed through the platform. These are blockchain-level fees paid by users for on-chain operations including staking, swaps, and asset transfers. The exact fee is shown on transaction review screens before signing.
- Card Program Partnership Revenue: Revenue may be generated through the partnership with Wirex for card issuance and acceptance. Wirex is a principal Visa and Mastercard member serving over 7 million users and processing $20 billion+ in transactions. Card features have no minimum top-up requirement.
- Swap and DeFi Integration Fees: The platform routes swaps and trades through decentralized exchanges, automated market makers, and smart contracts. Price quotes and fee estimates displayed in the interface are indicative only. Users bear all risks of price movement, slippage, fees, and execution outcomes.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Self-custody platform with no explicit subscription or platform fees |
| Other | Pay-as-you-go | Self-custodial Visa card with no minimum top-up requirement |
| Other | Pay-as-you-go | ADA staking with rewards determined by Cardano protocol |
| Other | Pay-as-you-go | Top-up campaign with prize pool rewards |
Go-to-market motion3 records
Distribution channels7 records
Marketing channels8 records
SecondFi product offering
Product offeringCore offering
SecondFi provides a self-custody neofinance platform that enables users to spend, trade, earn, and save across 8+ blockchain networks (Cardano, Bitcoin, Ethereum, BNB Smart Chain, Solana, Base, Avalanche, Tron) with cross-chain swaps across 10,000+ assets. The platform includes a self-custodial Visa card issued by Wirex, fiat on/off-ramp via Banxa, and crypto-to-fiat conversion via Encryptus, allowing users to maintain full control of private keys while accessing everyday financial services.
Product overview
SecondFi is a self-custodial neofinance platform that evolved from Yoroi Wallet, serving as a unified interface for managing crypto assets across multiple blockchains. The platform's core offering combines a multichain wallet supporting Cardano, Bitcoin, Ethereum, BNB Smart Chain, Solana, Base, Avalanche, and Tron with financial services including a self-custodial Visa card (via Wirex), fiat on/off-ramp (via Banxa), and crypto-to-fiat conversion with cross-border transfers (via Encryptus). Users maintain full control of their private keys throughout all operations. The platform is currently undergoing wind-down following a June 2026 security incident, with wallet migration and asset recovery tools available for affected users.
Differentiator
Problem solved
Functional benefit
Brands
- SecondFi Card: Self-custodial Visa card enabling users to spend crypto and fiat anywhere Visa is accepted while retaining full control of funds. Issued by Wirex.
Products and services
- SecondFi Platform Self-custodial neofinance platform enabling users to spend, trade, earn, and save across multiple blockchain networks while maintaining full control of their private keys. Supports Cardano, Bitcoin, Ethereum, BNB Smart Chain, Solana, Base, Avalanche, and Tron with cross-chain swaps across 10,000+ assets.
- SecondFi Self-Custodial Card Visa debit card issued by Wirex that enables users to spend crypto and fiat directly from their self-custody wallets anywhere Visa is accepted worldwide. Card is natively integrated into the SecondFi app, supports Apple Pay and Google Pay, and offers crypto cashback on purchases. No minimum top-up requirement.
- Cardano Card (Japan) Crypto debit card specifically designed for the Japanese market through partnership with Slash Vision Labs. Connects stablecoin balances to Japan's existing payment ecosystem including QR payment services, enabling seamless spending at physical and online retailers in Japan.
- Wallet Checker Web-based tool at checker.secondfi.io allowing users to check whether their wallet address was potentially affected by the June 2026 security incident. Does not require signing any transaction.
- Wallet Migration Tool Tool for transferring Cardano assets from SecondFi wallets to user-controlled Cardano wallets with third-party providers. Automatically unstakes ADA, withdraws rewards, deregisters stake keys, and transfers all tokens and NFTs in guided steps. Underwent independent security assessment by Bitdefender.
- Asset Recovery Tool Recovery portal for users affected by the June 2026 security incident. Enables affected users to securely prove ownership of their SecondFi wallet and claim impacted assets via zero-knowledge proofs.
Quantifiable outcome
- Stablecoin remittance cost reduction from ~6.3% to ~1.5%
- +3 more outcomes
Companies that use SecondFi
Customer profileNamed customers3 records
Segments6 records
Ideal customer profiles4 records
SecondFi technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature9 records
SecondFi partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- Groom LakecoreEMURGO engaged Groom Lake, an independent forensic investigation and blockchain intelligence provider, to assist with tracing and evidentiary analysis following the June 2026 security incident. Groom Lake reviewed the incident using primary technical evidence including code, code history, and public blockchain data. Their investigation identified a sophisticated external threat actor and a cryptographic flaw in wallet signature generation. The firm is assessing potential overlap with DPRK-linked Lazarus Group activity.
- BanxacoreBanxa provides embedded crypto-fiat infrastructure for the platform's fiat on-ramp and off-ramp capabilities. Support across 180+ markets and 30+ fiat currencies enables users to move between local currency and self-custody crypto with fewer steps. Banxa is an OSL company providing payment solutions with an international licensing network, enabling 400+ businesses to deliver crypto access to millions of users globally.
- EncryptuscoreEncryptus provides crypto-to-fiat infrastructure enabling users to convert crypto to local currency and send across borders in approximately two minutes. Direct integrations with banks and financial institutions in 90+ countries enable settlement to bank accounts, mobile wallets, and gift cards. Encryptus has built one of the industry's largest off-ramp infrastructures spanning 90+ countries and 50 currencies. The partnership reduces remittance costs from ~6.3% to approximately 1.5%.
- Slash Vision LabscorePartnership to launch the Cardano Card in Japan with Slash serving as card program manager. Slash Vision Labs is a Japan-focused fintech building stablecoin-powered payment infrastructure through its Slash Card product. The partnership is designed for Japan's operational and regulatory requirements, including local payment infrastructure, settlement flows, and user onboarding standards. Enables seamless use of crypto at physical and online retailers and across major Japanese QR code payment services.
- WirexcoreDeepened partnership with Wirex to launch SecondFi's first self-custodial card, building on the Cardano Card launched at Cardano Summit 2025. Wirex is a global digital payments platform trusted by over 7 million users across 130 countries and a principal Visa and Mastercard member that has processed $20 billion+ in transactions. The card enables users to spend directly from their own wallets while retaining full control, accepted wherever Visa is accepted worldwide.
- EMURGOcoreEMURGO is a co-founding entity of the Cardano blockchain that drives commercial adoption of blockchain technology and asset tokenization. SecondFi is the self-custodial neofinance platform from EMURGO. Through strategic investments, partnerships, and infrastructure development, EMURGO connects traditional finance and Web3.
Scale indicators13 records
Recent moves7 records
Expansion highlights4 records
SecondFi competitors and assessment
Company assessmentDirect peers
- Trust Wallet: Multichain self-custody wallet owned by Binance, supporting 10+ blockchains and millions of assets with integrated swap and staking. Closely comparable product surface to SecondFi's multichain, self-custodial wallet with in-app swap functionality.
- MetaMask: Leading self-custody wallet from Consensys supporting Ethereum and multiple EVM/non-EVM networks with swap aggregation. Directly comparable as a multichain self-custody wallet offering in-app token swaps and hardware wallet integration.
- Phantom: Self-custody wallet initially built for Solana and expanded to multichain (Ethereum, Polygon, Base, Bitcoin). Comparable as a multichain self-custodial wallet targeting mainstream consumers with swap and DeFi features.
- Exodus Wallet: Multichain self-custody wallet across desktop and mobile supporting dozens of networks with integrated swap and staking. Comparable self-custodial architecture and multichain product approach.
- Coinbase Wallet: Self-custody wallet from Coinbase supporting multiple networks with swap, DeFi, and on-ramp features. Directly comparable multichain self-custody wallet for consumer crypto users.
Emerging players
- Safe (formerly Gnosis Safe): Smart-contract-based self-custody wallet focused on multisig and institutional users. Comparable self-custody positioning but specialized in multisig/DAO treasury rather than consumer payments.
Broad incumbents
- Wirex: Crypto debit card issuer and principal Visa/Mastercard member serving 7M+ users. Comparable as the card-issuance partner SecondFi relied upon; also a broader crypto payments incumbent overlapping in spend utility.
- Crypto.com: Major crypto exchange and Visa card issuer with a self-custody wallet offering. Comparable as an incumbent combining wallet, card, and on-ramp functionality targeting everyday crypto spending.
- Ledger: Hardware wallet provider whose Ledger Live software offers self-custody across multiple networks. Comparable as a self-custody brand with hardware-wallet integration that SecondFi supported as a partner.
- Trezor: Hardware wallet vendor with companion software for self-custody. Comparable as a self-custody brand and integration partner that SecondFi natively supported.
Market position
Strengths3 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
SecondFi social profiles
Digital presenceSecondFi financial estimates
Financial estimateRevenue estimate
Valuation estimate
SecondFi leadership team
Management profileNumber of profiles
Profiles1 record
SecondFi funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SecondFi M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SecondFi
What does SecondFi do?
SecondFi provides a self-custody neofinance platform that enables users to spend, trade, earn, and save across 8+ blockchain networks (Cardano, Bitcoin, Ethereum, BNB Smart Chain, Solana, Base, Avalanche, Tron) with cross-chain swaps across 10,000+ assets. The platform includes a self-custodial Visa card issued by Wirex, fiat on/off-ramp via Banxa, and crypto-to-fiat conversion via Encryptus, allowing users to maintain full control of private keys while accessing everyday financial services.
Is SecondFi a public or private company?
SecondFi is a private company. It is classified as corporate owned and is currently closed.
When was SecondFi founded?
SecondFi was founded in 2026.
How does SecondFi make money?
Three revenue lines are on record. Network Transaction Fees are the primary driver. The others are card Program Partnership Revenue and swap and DeFi Integration Fees.
Who are SecondFi's main competitors?
Direct peers on record are Trust Wallet, MetaMask, Phantom, Exodus Wallet and Coinbase Wallet. Safe (formerly Gnosis Safe) is listed as an emerging player. Broad incumbents are Wirex, Crypto.com, Ledger and Trezor.
Does SecondFi have an API?
No public API is recorded for SecondFi.
What industry is SecondFi in?
SecondFi's product category is Cryptocurrency Wallet Platform. Its primary akta.pro industry code is FSADACAE, Self-Custody Wallets (Consumer & Institutional), with a secondary code of FSADAIAD, Crypto Remittance & Cross-Border Money Transfer Providers. Its NAICS code is 522320 and its SIC code is 6199.